Powering the future: a look at the energy harvesting system market
By Rajesh Manish, Associate Manager, Electronics and Semiconductor, MarketsandMarkets
Energy harvesting systems capture ambient energy from the environment and convert it into electrical power for low-power electronic devices. They extract energy from sources like light, heat, vibration, motion, radio waves, or electromagnetic fields using specialized transducers. This harvested energy can power devices immediately or be stored in batteries for later use. These systems provide a sustainable, self-sufficient power solution, reducing reliance on traditional sources for applications such as wireless sensors, IoT devices, wearables, and remote monitoring.
Building & Home Automation to surpass other segments during forecast period/ Source: MarketsandMarkets
The global energy harvesting system market is projected to grow from US$ 570 million in 2023 to US$ 918 million by 2028, registering a CAGR of 10.0%. The energy harvesting system market is driven by the rising demand for clean and sustainable energy solutions. The increasing use of IoT devices and wireless sensor networks also requires self-sustaining power sources for remote and challenging locations. These factors are expected to propel the growth of the energy harvesting system market in the coming years.
End use systems in energy harvesting system market
End-use systems in energy harvesting enable the efficient conversion of ambient energy into power for various applications. These systems can power wearable devices, IoT sensors, and remote monitoring systems, reducing reliance on traditional batteries.
A concise explanation of how changes in revenue sources can affect the energy harvesting system ecosystem/ Source: MarketsandMarkets
Wireless switching systems – Wireless switches utilise energy harvesting principles to convert mechanical energy from actuation into electrical energy. This electrical energy serves as a secondary power source for mechanical actuators, emergency switches, and as a controller for starting and stopping machines. The use of wireless switching is ideal in situations where wiring is impractical, or the cost of wired sensor networks is high.
In wired sensor networks, the cost of batteries and wiring comprises a significant portion of the overall expenses. Energy harvesting addresses this issue by serving as a primary energy source, collected from sources like light, vibration, or heat.
Wireless HVAC systems – Building automation systems in commercial, residential, and institutional facilities utilize sensors powered by energy harvesting systems to monitor ambient parameters, optimising energy consumption. Piezoelectric and thermal energy harvesters within heating, ventilation, and air conditioning (HVAC) systems leverage airflow effects for energy production. Wireless HVAC systems, revolutionising building control, integrate energy harvesting technologies like solar panels and thermoelectric generators into components such as sensors and actuators.
Wireless sensing & telematics systems – Wireless sensing leverages sensor networks connected through wireless protocols for remote monitoring of environmental conditions like temperature, pressure, and air quality across various sectors including military, aerospace, and transportation.
Energy harvesting systems facilitate the operation of such systems by converting ambient sources like heat, light, and motion into electricity. In automotive applications, energy harvesting systems power the hardware of telematics systems, supplying sensors and controllers with energy harvested from vehicle motion, engine heat, and suspension pressure. efficiency and sustainability.
Asset tracking systems – Asset tracking involves monitoring physical assets by scanning barcodes via RFID or GPS tags. RF sensors and tags have diverse applications, from inventory and fleet management to equipment tracking in hospitals and retail. They’re also used in monitoring structures like bridges for maintenance needs. However, traditional RFID tags rely on batteries with limited lifespans, resulting in high replacement costs.
Market estimation of energy harvesting system
The energy harvesting system market for light energy harvesting is expected to register the highest CAGR and market share during the forecast period. Governments globally are enacting policies and offering incentives to boost the adoption of renewable energy, particularly light energy harvesting technologies.
For example, the US government provides a federal Investment Tax Credit (ITC) for solar energy systems, encouraging the use of photovoltaic cells. Similarly, Germany’s feed-in tariff system guarantees payments for renewable electricity, driving the installation of solar panels and fostering the light energy harvesting sector’s expansion.
These measures, along with tax credits and feed-in tariffs, encourage investment and innovation, propelling the growth of the light energy harvesting market in the forecast period.
